The conditions for a precious metals bull market – deeply negative real rates and ballooning government deficits – are here, so why do gold and silver appear to have hit a speedbump? This is the question explored by veteran macro investor Michael Nicoletos and Tavi Costa, portfolio manager at Crescat Capital. Costa notes that the Federal Reserve is trapped between inflation and deflation, or as he calls it, “a tale of two destructive outcomes,” and he argues that the Fed’s inclination to continue to suppress rates will serve as a ballast for precious metals. Nicoletos explains why, when major central banks conduct quantitative easing (QE) together, moves in currencies are suppressed, so the truly big swings occur in real assets in addition to equities. The pair also explore gold’s potential vulnerability to being replaced by crypto as well as the risks they see in the Chinese economy and market structure. Filmed on August 26, 2021.